##TrumpTaxCuts The Trump Tax Cuts, officially known as the Tax Cuts and Jobs Act (TCJA), were enacted in December 2017 to stimulate the U.S. economy. The act reduced the corporate tax rate from 35% to 21% and lowered individual tax rates across various income brackets.
✅ Benefits:
Economic Growth: The TCJA contributed to a 1% higher GDP growth in the first two years post-enactment.
Job Creation: Unemployment reached historically low levels, with significant employment gains among African American and Hispanic workers.
Wage Increase: Real median household income rose by $5,000, marking the largest increase in eight years.
❌ Drawbacks:
Increased Deficit: The tax cuts added approximately $4.6 trillion to the national debt over a decade.
Wealth Inequality: The benefits disproportionately favored high-income individuals and corporations.
Reduced Corporate Tax Revenue: Corporate tax revenue declined by 40%, leading to budgetary
🌍 Global Impact:
While the TCJA was a U.S.-specific policy, its implications were felt globally. The reduction in corporate tax rates influenced international tax policies and prompted discussions on tax competition and reform.
